The only way I can imagine having fun watching Anchorman 2: The Legend Continues is if I were drunk enough to be really funny myself, watching it with a group of friends on TV in the comfort of my living room, Mystery Science Theater 3000-style.
Even then, it would be 50/50 against.
The first Anchorman, which came out in 2004, was one of the only actually funny movies Ferrell has made -- and then only in spurts. But it was popular enough to launch the endless Will Ferrell juggernaut of decreasingly funny movies. Only Adam Sandler makes movies that are less entertaining.
This review continues on my website.